'Ignorance', 'inertia' pensioners worst friends

The life company says lack of shopping around is keeping “many pensioners poorer for the rest of their lives”. Its research suggests more than half those expecting to retire in the next five years are not aware of the open market option, that up to 40% are unlikely to shop around for an annuity despite knowledge of the variations between best and worst rate annuities. A whopping three-quarters are not aware of the improved rates available for smokers and those in poor health. Just 15% of those surveyed thought they would be eligible for such improved rates, although research sugges...